Oman ranks 2nd

MUSCAT, Dec 2 – The Sultanate has been ranked third in the Arab world by the world’s 33rd Entrepreneurship Index for 2018, issued by the Global Entrepreneurship Institute Business and Development (GEDI) based in Washington. The US topped the list (137 countries), followed by Switzerland, Britain and Australia.
From the GCC, Qatar has been ranked 22, followed by UAE (26), Oman (33), Bahrain (35), Kuwait (39) and Saudi Arabia (45).
The Global Entrepreneurship Index (GEI) is an annual index that measures the health of entrepreneurship ecosystems in each of the 137 countries. GEI measures both the quality of entrepreneurship and the extent and depth of the supporting entrepreneurial ecosystem.
GEDI methodology collects data on entrepreneurial attitudes, abilities and aspirations of the local population and then weighs these against the prevailing social and economic ‘infrastructure’.
These include aspects such as broadband connectivity and the transport links to external markets.
According to the index, GEI scores have improved by three per cent globally on average since last year’s index. In the Middle East and North Africa (MENA) region, the GEI further says the region shows greatest strength in the areas of product innovation and risk capital. “The region is bringing new products to market and integrating new technology, while also providing the capital to help businesses grow.”
“MENA has improved by 2.9 per cent on average over last year’s GEI scores. The MENA region would see the quickest gains by improving competition: reducing barriers to entry for new firms.”